Alabama Home Equity Loans

From Auburn (36830) to Birmingham (35226), a growing number of homeowners in Alabama are leveraging the equity in their home to finance a variety of important purchases. Topping the list are home repairs and updates, college tuition and debt consolidation. Homeowners in Alabama have a choice between two home equity types: a home equity loan or home equity line of credit (HELOC).

Home equity loans function more like a traditional loan where the borrower agrees upon a fixed interest rate on a set amount of money. HELOCs are a revolving line of credit where the borrower must only repay the money accessed. Home equity loans and home equity lines of credit in Alabama can provide tax benefits to homeowners when the loan is used for home improvement or repair. When it comes to comparing second mortgages, homeowners in Alabama should review rates and terms from a variety of lenders. Alabama homeowners should check local lender rates for home equity mortgage loans and home equity lines of credit.